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Full Text of this Amendment

SA 3760. Mr. HARKIN submitted an amendment intended to be proposed to amendment SA 3500 proposed by Mr. HARKIN (for himself, Mr. CHAMBLISS, Mr. BAUCUS, and Mr. GRASSLEY) to the bill H.R. 2419, to provide for the continuation of agricultural programs through fiscal year 2012, and for other purposes; which was ordered to lie on the table; as follows:

Beginning on page 1495, strike line 10 and all that follows through page 1500, line 7, and insert the following:

PART IV--ENERGY PROGRAM FUNDING AND INCENTIVES FOR ALTERNATIVE FUELS
SEC. 12331. INCREASED FUNDING FOR CERTAIN ENERGY PROGRAMS.
In addition to the amounts made available under title IX of the Farm Security and Rural Investment Act of 2002 (7 U.S.C. 8101 et seq.) (as amended by section 9001), of the funds of the Commodity Credit Corporation, the Secretary shall use to carry out--
(1) the biorefinery and repowering assistance program established under section 9005 of that Act , an additional $100,000,000 for fiscal year 2008;
(2) the Rural Energy for America Program established under section 9007 of that Act, an additional $120,000,000 for fiscal year 2008; and
(3) the biomass research and development program established under section 9008 of that Act, an additional $20,000,000 for each of fiscal years 2008 through 2012.
SEC. 12332. EXTENSION AND MODIFICATION OF CREDIT FOR COAL-TO-LIQUID FUELS.
(a) Extension.--
(1) ALTERNATIVE FUEL CREDIT.--Paragraph (4) of section 6426(d) (relating to alternative fuel credit) is amended to read as follows:
``(4) TERMINATION.--This subsection shall not apply to any sale or use for any period after--
``(A) September 30, 2014, in the case of any sale or use involving liquified hydrogen,
``(B) December 31, 2010, in the case of any sale or use involving a liquid fuel derived from coal (including peat) through the Fischer-Tropsch process, and
``(C) September 30, 2009, in the case of any other sale or use.''.
(2) ALTERNATIVE FUEL MIXTURE CREDIT.--Paragraph (3) of section 6426(e) (relating to alternative fuel mixture credit) is amended to read as follows:
``(3) TERMINATION.--This subsection shall not apply to any sale or use for any period after--
``(A) September 30, 2014, in the case of any sale or use involving liquified hydrogen,
``(B) December 31, 2010, in the case of any sale or use involving a liquid fuel derived from coal (including peat) through the Fischer-Tropsch process, and
``(C) September 30, 2009, in the case of any other sale or use.''.
(3) PAYMENTS.--Paragraph (5) of section 6427(e) (relating to termination) is amended--
(A) in subparagraph (C)--
(i) by striking ``subparagraph (D)'' and inserting ``subparagraphs (D) and (E)'', and
(ii) by striking ``and'' at the end,
(B) by redesignating subparagraph (D) as subparagraph (E), and
(C) by inserting after subparagraph (C) the following new subparagraph:
``(D) any alternative fuel or alternative fuel mixture (as so defined) involving a liquid fuel derived from coal (including peat) through the Fischer-Tropsch process sold or used after December 31, 2010, and''.
(b) Credit Allowed for Aviation Use of Fuel.--Paragraph (1) of section 6426(d) is amended by inserting ``sold by the taxpayer for use as a fuel in aviation,'' after ``motorboat,''.
(c) Carbon Capture Requirement for Certain Fuels.--
(1) IN GENERAL.--Subsection (d) of section 6426, as amended by subsection (a), is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph:
``(4) CARBON CAPTURE REQUIREMENT.--
``(A) IN GENERAL.--The requirements of this paragraph are met if the fuel is certified, under such procedures as required by the Secretary, as having been derived from coal produced at a gasification facility which separates and sequesters not less than the applicable percentage of such facility's total carbon dioxide emissions.
``(B) APPLICABLE PERCENTAGE.--For purposes of subparagraph (A), the applicable percentage is--
``(i) 50 percent in the case of fuel produced after the date of the enactment of this paragraph and on or before the earlier of--
``(I) the date the Secretary makes a determination under subparagraph (C), or
``(II) December 30, 2010, and
``(ii) 75 percent in the case of fuel produced after the date on which the applicable percentage under clause (i) ceases to apply.
``(C) DETERMINATION TO INCREASE APPLICABLE PERCENTAGE BEFORE DECEMBER 31, 2010.--If the Secretary, after considering the recommendations of the Carbon Sequestration Capability Panel, finds that the applicable percentage under subparagraph (B) should be 75 percent for fuel produced before December 31, 2010, the Secretary shall make a determination under this subparagraph. Any determination made under this subparagraph shall be made not later than 30 days after the Secretary receives from
the Carbon Sequestration Panel the report required under section 331(c)(3)(D) of the Heartland, Habitat, Harvest, and Horticulture Act of 2007.''.
(2) CONFORMING AMENDMENT.--Subparagraph (E) of section 6426(d)(2) is amended by inserting ``which meets the requirements of paragraph (4) and which is'' after ``any liquid fuel''.
(3) CARBON SEQUESTRATION CAPABILITY PANEL.--
(A) ESTABLISHMENT OF PANEL.--There is established a panel to be known as the ``Carbon Sequestration Capability Panel'' (hereafter in this paragraph referred to as the ``Panel'').
(B) MEMBERSHIP.--The Panel shall be composed of--
(i) 1 representative from the National Academy of Sciences,
(ii) 1 representative from the University of Kentucky Center for Applied Energy Research, and
(iii) 1 individual appointed jointly by the representatives under clauses (i) and (ii).
(C) STUDY.--The Panel shall study the appropriate percentage of carbon dioxide for separation and sequestration under section 6426(d)(4) of the Internal Revenue Code of 1986 consistent with the purposes of such section. The panel shall consider whether it is feasible to separate and sequester 75 percent of the carbon dioxide emissions of a facility, including costs and other factors associated with separating and sequestering such percentage of carbon dioxide emissions.
(D) REPORT.--Not later than 6 months after the date of the enactment of this Act, the Panel shall report to the Secretary of Treasury, the Committee on Finance of the Senate, and the Committee on Ways and Means of the House of Representatives on the study under subparagraph (C).
(d) Effective Date.--The amendments made by this section shall apply to fuel sold or used after the date of the enactment of this Act.
SEC. 12333. EXTENSION OF ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY CREDIT.

(As printed in the Congressional Record for the Senate on Nov 15, 2007.)